Bitcoin Hater Schiff now selling gold for bitcoin | CNBC | #btc

[Coinbuddy]

Peter Schiff is a famous gold proponent and investor, and more recently he has become known for his hatred of bitcoin. That is why it may seem odd that Schiff's Euro Pacific Precious Metals has announced that it is pairing with bitcoin payment processor BitPay in order to allow investors to buy gold and silver through Euro Pacific by using the digital currency.


In a November 2013 appearance on CNBC's "Futures Now," Schiff, chairman of Euro Pacific, declared that bitcoin was in a bubble that resembles "modern-day tulip mania." He added that "I don't think it's going to end up being a source of commerce for the world."

On Wednesday, BitPay announced that it was partnering with Euro Pacific in an arrangement that will allow customers to spend bitcoin in exchange for precious metals. But Schiff maintains that there has been no change in his thinking.

"My views have not evolved," Schiff wrote to C[Suspicious link removed]m. "A lot of people still own bitcoins, and for now, they are still valuable. So I certainly want to make it easier for bitcoin owners to use their bitcoins to purchase gold and silver from my company."


To be sure, the partnership does not mean that Euro Pacific is taking any direct position in bitcoin. BitPay converts the bitcoins from customers into the U.S. dollars in which Euro Pacific will be paid.
"It's a means of payment that allows us to complete the equivalent of credit card transactions, but with a much more efficient process and with a much lower fee," said Michael Finger, director of marketing at Euro Pacific. "Bitcoin facilitates the process, but we're not speculating on bitcoin in any way."

But it's more than a mere marriage of convenience. For Finger, bitcoin investors make for natural gold investors.

"A lot of people in bitcoin are hard money advocates. They know a lot about money, and monetary policy," Finger said. And if they have made a lot of money in bitcoin, there's a good chance they'd like to "put it into gold and silver, and not cash."

    Courtesy Link             
www.c[Suspicious link removed]m/id/101693790

[Lethn]

Post fucking links and back up what you say with evidence.

[Trashbat]

This has been posted loads of times before but like the user above said you need to provide the links of your sources.